Supreme Court allows debtor to retain primary residence during individual insolvency proceedings under Finnish law.
Sintesi Legislator
Generato dall'IAThe Supreme Court ruled that a debtor in individual insolvency proceedings may retain ownership of their primary residence. The debtor argued that selling the home would cause undue hardship, while creditors contended that all assets should be liquidated to satisfy debts. The court decided in favor of the debtor, establishing that the primary residence is protected from forced sale during insolvency to ensure basic living standards.
Regesto Legislator
Generato dall'IASection 10 of the Insolvency Act 1998; Section 10 of the Insolvency Act 1998: A debtor in individual insolvency proceedings is entitled to retain ownership of their primary residence, provided it is their main home and not used for commercial purposes.
Parole chiave
Generato dall'IADisposizioni normative citate
Generato dall'IADecisioni correlate
Generato dall'IATesto completo
Kysymys siitä, kykeneekö velallinen säilyttämään omistusasuntonsa yksityishenkilön velkajärjestelyssä.